Missed to add this to the bugzilla. Here is a bug report from Silvain Laplante 
<SLaplante@interstarinc.com> 

--------------------------- Cut Here --------------------------------------
>>     TAO VERSION: 1.2.1
>>     ACE VERSION: 5.2.1
>>
>>     HOST MACHINE and OPERATING SYSTEM:
>>         PIII Windows2000
>>     COMPILER NAME AND VERSION (AND PATCHLEVEL):
>>         MSVC 6.0 SP5
>>
>>     AREA/CLASS/EXAMPLE AFFECTED:
>>
>>     DOES THE PROBLEM AFFECT:
>>         COMPILATION?
>>             No
>>         LINKING?
>>             No
>>         EXECUTION?
>>             Yes
>>         OTHER (please specify)?
>>
>>     SYNOPSIS:
>> Only the first profile of a multiprofile location_forward is used by the
>> stub.
>>     DESCRIPTION:
>> Calls to TAO_Stub::next_profile_retry (from
>> TAO_Default_Endpoint_Selector::select_endpoint) ends up to "try" only the
>> first profile of each multiprofile location_forward.  However this is not
>> the
>> case for the TAO_Stub::base_profiles_.  My fix for this problem is a
>> modification to TAO_Stub::next_profile_retry (see FIX A).
>>
>> Also, I modified TAO_Stub::add_forward_profiles to work as a
>> "TAO_Stub::replace_forward_profiles" to avoid excessive chaining of
>> multiprofiles on long runs with a lot of location_forward events.  My
>> modification is presented in FIX B.
>>
>> Modifications are delimited by
>> /* FIX: MODIFICATION BEGIN */
>> ...
>> /* FIX: MODIFICATION END */
>>
>> Why are the location_forward_from chained ?  Does the modification
>> presented in FIX B break something in the location_forward specification ?
>>
>>
>>     REPEAT BY:
>>
>>     SAMPLE FIX/WORKAROUND:
>>
>> FIX A) Modification to TAO_Stub::next_profile_retry
>>        File: TAO/tao/Stub.i
>>
>> ACE_INLINE CORBA::Boolean
>> TAO_Stub::next_profile_retry (void)
>> {
>>   ACE_MT (ACE_GUARD_RETURN (ACE_Lock,
>>                             guard,
>>                             *this->profile_lock_ptr_,
>>                             0));
>>
>>   if (this->profile_success_ && this->forward_profiles_)
>>     {
>>       /* FIX: MODIFICATION BEGIN */
>>       if (this->set_profile_in_use_i (this->forward_profiles_->get_next ()))
>>       {
>>         return 1;
>>       }
>>       /* FIX: MODIFICATION END */
>>       this->reset_profiles_i ();
>>       return 1;
>>     }
>>   else if (this->next_profile_i ())
>>     {
>>       return 1;
>>     }
>>
>>   return 0;
>> #if 0
>>   else
>>     {
>>       // Check whether the loaded services have something to say about
>>       // this condition
>>       TAO_Profile *prof = 0;
>>       this->orb_core_->service_profile_reselection (this,
>>                                                     prof);
>>
>>       // If the service is loaded and has a profile then try it.
>>       if (prof)
>>         {
>>           return 1;
>>         }
>>       this->reset_profiles_i ();
>>       return 0;
>>     }
>> #endif /*If 0 */
>> }
>>
>>
>> FIX B) Modification to TAO_Stub::add_forward_profiles
>>        File: TAO/tao/Stub.cpp
>>
>> void
>> TAO_Stub::add_forward_profiles (const TAO_MProfile &mprofiles)
>> {
>>   // we assume that the profile_in_use_ is being
>>   // forwarded!  Grab the lock so things don't change.
>>   ACE_MT (ACE_GUARD (ACE_Lock,
>>                      guard,
>>                      *this->profile_lock_ptr_));
>>
>>   /* FIX: MODIFICATION BEGIN */
>>   //TAO_MProfile *now_pfiles = this->forward_profiles_;
>>   //if (now_pfiles == 0)
>>   //  now_pfiles = &this->base_profiles_;
>>   TAO_MProfile *now_pfiles = &this->base_profiles_;
>>   if (this->forward_profiles_ != 0)
>>     delete this->forward_profiles_;
>>   /* FIX: MODIFICATION END */
>>
>>   ACE_NEW (this->forward_profiles_,
>>            TAO_MProfile (mprofiles));
>>   // forwarded profile points to the new IOR (profiles)
>>   this->profile_in_use_->forward_to (this->forward_profiles_);
>>
>>   // new profile list points back to the list which was forwarded.
>>   this->forward_profiles_->forward_from (now_pfiles);
>>
>>   // make sure we start at the beginning of mprofiles
>>   this->forward_profiles_->rewind ();
>>
>>   // Since we have been forwarded, we must set profile_success_ to 0
>>   // since we are starting a new with a new set of profiles!
>>   this->profile_success_ = 0;
>>
>>   // Reset any flags that may be appropriate in the services that
>>   // selects profiles for invocation
>>   this->orb_core_->reset_service_profile_flags ();
>> }
>>
>>
>>
>>
>> Silvain Laplante
>> Software Developer
>> Interstar Technologies Inc.
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We cannot apply this patch since there ar other things that are broken here. 
Please see bug 1237, 1238 and 1239 for details.